HKEX launches two self-owned thematic indices: AI Index and Semiconductor Index

HKEX Launches Two New Proprietary Indices: AI and Semiconductors Source: Semiconductor Industry Observer Published: 2026-10-24 15:00 AI market-generated poster efficiently captures the growth dividends of the two frontier technology tracks: artificial intelligence and semiconductors.

Today, Hong Kong Exchanges and Clearing Limited (HKEX) officially announced the launch of two thematic indices: the HKEX Artificial Intelligence Index and the HKEX Semiconductor Index. The launch of these two new products further expands HKEX's proprietary index matrix, providing global investors with clear performance benchmarks and efficiently capturing the growth dividends of the two frontier technology tracks: artificial intelligence and semiconductors. Also announced simultaneously was an important cooperation: HKEX has signed an index licensing agreement with China Southern Asset Management Co., Ltd., and will issue ETF products tracking the HKEX Artificial Intelligence Index in the mainland market, with relevant product details to be disclosed at a later date.

In recent years, HKEX has continued to increase investment in building its own index system, from broad-based technology indices to segment-specific thematic indices, gradually building benchmark tools covering different technology directions and adapting to diverse investment needs. Prior to this, HKEX's proprietary index system already had benchmark products such as the HKEX Tech 100 Index, focusing on high-quality technology assets in the Hong Kong stock market. The newly added artificial intelligence and semiconductor indices extend, under the broad-based technology framework, toward deeper and more segmented hard-tech tracks in the industrial chain, completing independent index benchmarks for the two high-growth tracks and forming an index layout in which broad-based and segment-specific themes complement each other. This also further strengthens HKEX's positioning as a pricing and trading hub for Asia-Pacific technology assets.

Artificial intelligence and semiconductors are the core mainlines of global technology industry iteration, and capital expenditure, technological innovation and the pace of industrial implementation continue to affect the capital market. However, the two tracks have long industrial chains, complex segmented links and dispersed targets, and ordinary investors seeking systematic allocation often face difficulties in stock selection, dispersed holdings and high research costs. The core value of HKEX launching these two indices lies in establishing standardized and transparent screening rules, integrating listed targets in the Hong Kong stock market that are deeply bound to the AI and semiconductor industrial chains, and reflecting the overall trend of the sectors in index form, providing a unified reference benchmark for institutional quantitative allocation, thematic fund development and investors' market judgment. Whether for long-term allocation to industrial trends or for sector rotation allocation, investors can rely on the indices to intuitively grasp the overall performance of the Hong Kong stock AI and semiconductor sectors.

The most market-watched part of this cooperation is that HKEX has granted an index license to China Southern Asset Management, supporting it in issuing in the mainland an ETF linked to the HKEX Artificial Intelligence Index. This is also an important step for HKEX's proprietary technology indices to open up the mainland public fund ETF issuance channel. Previously, mainland investors allocating to Hong Kong stock technology themes mostly relied on Stock Connect targets, offshore-listed ETFs or products tracking indices compiled by other institutions. With the launch of this new ETF, mainland investors can directly use on-exchange fund shares to conveniently allocate to a basket of listed companies in the Hong Kong stock artificial intelligence industrial chain, without needing to directly open a Hong Kong stock account, greatly lowering the participation threshold.

From the perspective of mutual connectivity, this arrangement has significance beyond a single product. Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect have operated for many years, and two-way capital flows continue to deepen, while indices and ETFs are very important vehicles for cross-border capital circulation. HKEX exporting proprietary indices and leading mainland public fund managers undertaking ETF development represent the deepening of collaboration between the two capital markets in index products and wealth management. On the one hand, mainland capital has more standardized tools with clear themes to share in the growth returns of companies in the Hong Kong stock AI industrial chain; on the other hand, stable and sustained mainland capital allocation demand will also enhance the liquidity and pricing efficiency of the Hong Kong stock AI sector, attract more high-quality enterprises related to the industrial chain to choose to list in Hong Kong, and positively feed back into Hong Kong's technology financing market.

It is understood that the artificial intelligence and semiconductor tracks have distinct cyclical characteristics and strong volatility, and thematic indices and supporting ETFs are naturally suitable for investors with matching risk preferences. The AI track covers multiple links such as computing infrastructure, large model research and development, and industry applications, while the semiconductor track spans key links such as design, manufacturing, equipment, materials, and packaging and testing. The Hong Kong stock market has already accumulated a group of industrial chain enterprises with global competitiveness. Independent indices can strip out disturbances from other industries and more purely reflect changes in sector prosperity, facilitating institutional industry comparison, hedging and portfolio allocation. At the same time, the expansion of index products will also drive more brokers and asset management institutions to develop derivative tools and research services, driving the improvement of the entire Hong Kong stock technology sector ecosystem.

However, it should be noted that thematic index investment carries industry cycle risks. The pace of AI capital expenditure, changes in the global semiconductor inventory cycle, and adjustments in supply chain policies will all have a significant impact on the overall returns of the sector. The indices themselves only serve a performance benchmark function and do not constitute a guarantee of returns. The upcoming ETF will also simultaneously carry multiple risks such as exchange rate fluctuations in the Hong Kong stock market, cross-border market time differences, and industry prosperity reversals, and is suitable for investors who understand the technology industry cycle and can withstand higher volatility. HKEX and China Southern Asset Management will subsequently also fully disclose documents such as index compilation rules, constituent adjustment mechanisms, ETF operation plans, subscription and redemption arrangements, and risk warnings to ensure information transparency.

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